Buy L&T Finance Holdings, target Rs 200: Nagaraj Shetti
Buy L&T Finance Holdings at a price target of Rs 200 and a stop loss at Rs 170 from the entry point.
By ETMarkets.com |
ThinkStock Photos
Nagaraj Shetti of HDFC Securities has a buy call on L&T Finance Holdings with a target price of Rs 200.
The current market price of L&T Finance Holdings is Rs 186.30.
Time period given by the analyst is one month when L&T Finance Holdings price can reach the defined target.
Nagaraj Shetti recommended keeping a stop loss at Rs 170.
"L&TFH has shifted into a larger consolidation band in the last couple of weeks. The stock price has moved into a narrow band between Rs 183-Rs 173 levels during this period. This pattern is indicating a bullish flag type pattern. Normally, bullish flag patterns are an indication of a temporary pause of upside momentum and they are uptrend continuation patterns. Hence, a sustainable upside breakout of Rs 182-83 levels is expected to strengthen upside momentum in the stock price. Daily trend strength indicator like 13-period ADX and +DMI are signaling a possibility of upside breakout in the stock price soon. Buying can be initiated in L&T Finance Holdings at the current market price, add more on dips up to Rs 175, hold for the upside target of Rs 200 for the next 3-4 weeks. Place a stop loss at Rs 170," Shetti said in a report.
The current market price of L&T Finance Holdings is Rs 186.30.
Time period given by the analyst is one month when L&T Finance Holdings price can reach the defined target.
Nagaraj Shetti recommended keeping a stop loss at Rs 170.
"L&TFH has shifted into a larger consolidation band in the last couple of weeks. The stock price has moved into a narrow band between Rs 183-Rs 173 levels during this period. This pattern is indicating a bullish flag type pattern. Normally, bullish flag patterns are an indication of a temporary pause of upside momentum and they are uptrend continuation patterns. Hence, a sustainable upside breakout of Rs 182-83 levels is expected to strengthen upside momentum in the stock price. Daily trend strength indicator like 13-period ADX and +DMI are signaling a possibility of upside breakout in the stock price soon. Buying can be initiated in L&T Finance Holdings at the current market price, add more on dips up to Rs 175, hold for the upside target of Rs 200 for the next 3-4 weeks. Place a stop loss at Rs 170," Shetti said in a report.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
